the cautious seldom err....C
Another simple system - Time-Frame 15
- #26,484
- Edited 6:22am Jan 11, 2016 3:09am | Edited 6:22am
SL got hit on EU. MY entry was at the pinbar above RN. My expectation was that price would bounce from the RN and 4hr 10 ema. I put my SL on a safe place under the 200ema, ADR and daily 10 ema. Price did not bounce, but went straight for my SL. My start with live trading in december was good, but in january I have only losers so far. Still need to learn... {image}
: Your thinking process of what price might do. There was plenty of support below. You took the trade with a SL.The negatives
: It is a counter trend trade (risky as LE1 said on many occasions). Didn't look to see where price is coming (BOUNCING) from. Price has BOUNCED form the Month 10 EMA meaning the higher the 10 EMA the BOUNCE from it is going to be bigger in pips. Regarding your other trades, if you had moved you SL to BE after being up by X pips like LE1 used to preach then most of them would have been BEs.First master M15 trend trading then add counter trend trading and once you master that then move to another TF if you like. In my early M15 trading days, I used to wait for the high or low of the signal candle to be broken by a few pips and that used to save me from some fake trade signals.
Happy Pipping
Trading can't be taught but it can be learned
- #26,485
- Jan 11, 2016 4:23am Jan 11, 2016 4:23am
{quote} The positives
There is something wrong with my chart. Look where my Month 10 ema is. It's much higher than yours.
Your weekly 10 ema and 4hr 10 ema are lower on the chart as well.
Do you know why my ema's are at another place? And how can I get them on the right place?
- #26,488
- Edited 6:08am Jan 11, 2016 4:58am | Edited 6:08am
On M15 the montly 10ema wasn't even on my screen. {image}
.You may want to try the following:
1.) Click on the SimpleEMA indicator and make sure that under the common tab all boxes are checked then check the input tab and lastly click on visualization and make sure all timeframes box is checked and also show in the data window box as well.
2.) Your broker may not have enough price data history, if you can go back a few years on M30 then this in't the issue.
3.) You may want to try the many different versions of the indicator which are posted on this thread and see which one works best.
I am using this one.
Trading can't be taught but it can be learned
- #26,489
- Jan 11, 2016 5:06am Jan 11, 2016 5:06am
{quote} It looks like your broker is GMT+2 like mine, I don't know why the Month 10 EMA doesn't show on your charts
I will chat with my broker if I can get more history.
- #26,490
- Edited 6:27am Jan 11, 2016 5:32am | Edited 6:27am
There are times that fellow traders analyse another trader's losing trade and says that you didn't look for this and that and people realize that there is more to entering a trade than just a few simple rules and some people may get discouraged.
It is kinda like when for the first time your try to learn how to drive a manual (stick shift) car. First you got to adjust the seat, side mirrors, rear mirror, fasten your seat belt, start the car and make sure no warning dashboard lights are on. You release the emergency break. Then you press down and hold the clutch with your left foot and put the car in first gear with your right hand. Next you slowly release the clutch while pressing gently on the gas pedal with your right foot and at the same time you have to look behind to the left, right and front to see if any other car/person is coming or going and once you get moving you have got to keep the moving car within the lane and then obey all the traffic rules. That is a ton of things to keep up with!
Don't get me started on coming to a full stop on a steep hill with another vehicle right on your rear bumper and then trying to take off without going backwards, now that takes a lot finesse to get the car moving again.
Once we gain some driving experience we can do all the above with a sandwich in one hand and a cell phone on the other hand conducting business deals while driving down the road (not recommended), driving becomes second nature to us, we perform all the above tasks without thinking. After a lot of practice in trading, we are able to check all the things on our trading checklist in a flash like driving a car
.
Pipsalon, your EU long trade wasn't a horrible trade. It was just a lower probability setup, losses are part of the trading.
It is kinda like when for the first time your try to learn how to drive a manual (stick shift) car. First you got to adjust the seat, side mirrors, rear mirror, fasten your seat belt, start the car and make sure no warning dashboard lights are on. You release the emergency break. Then you press down and hold the clutch with your left foot and put the car in first gear with your right hand. Next you slowly release the clutch while pressing gently on the gas pedal with your right foot and at the same time you have to look behind to the left, right and front to see if any other car/person is coming or going and once you get moving you have got to keep the moving car within the lane and then obey all the traffic rules. That is a ton of things to keep up with!
Don't get me started on coming to a full stop on a steep hill with another vehicle right on your rear bumper and then trying to take off without going backwards, now that takes a lot finesse to get the car moving again.
Once we gain some driving experience we can do all the above with a sandwich in one hand and a cell phone on the other hand conducting business deals while driving down the road (not recommended), driving becomes second nature to us, we perform all the above tasks without thinking. After a lot of practice in trading, we are able to check all the things on our trading checklist in a flash like driving a car
.Pipsalon, your EU long trade wasn't a horrible trade. It was just a lower probability setup, losses are part of the trading.
Trading can't be taught but it can be learned
- #26,491
- Jan 11, 2016 5:40am Jan 11, 2016 5:40am
There are times that other trader analyse another trader's losing trade and says that you didn't look for this and that and people realize that there is more to entering a trade than just a few simple rules and some people may get discouraged. It is kinda like when for the first time your try to learn how to drive a manual (stick shift) car. First you got to adjust the seat, side mirrors, rear mirror, fasten your seat belt, start the car and make sure no warning dashboard lights are on. You release the emergency break. Then you press down and hold...
- #26,492
- Jan 11, 2016 5:47am Jan 11, 2016 5:47am
{quote} My history on M30 go's back till 18 november 2015. I cannot scroll further back. Maybe this is the issue? I will chat with my broker if I can get more history.
{quote} Great post
Trading can't be taught but it can be learned
- #26,494
- Jan 11, 2016 5:59am Jan 11, 2016 5:59am
I chat with my broker. I downloaded extra history. History go's back a couple of years now. But my monthly 10 ema is still far above pipsninja's. Other ema's still not at the right place as well.
Trading can't be taught but it can be learned
- #26,495
- Jan 11, 2016 6:03am Jan 11, 2016 6:03am
{quote} The positives
.It was a lovely bounce from the monthly 10ema. It would have been a good short at that place
Unfortunately my monthly 10ema is at another place on my chart
- #26,496
- Jan 11, 2016 6:22am Jan 11, 2016 6:22am
{quote} You may want to remove the SimpleEMA indicator from your chart. Next close and then restart your MT4 and let in run for a while for the new history to take effect and then attach the indicator. If this doesn't work then you may want to do a google search or ask for help on the Platform Tech section on FF.
My simpleEMA indicator prints it exactly at that place as well.
It's about 150 pips higher than your month 10ema
- #26,497
- Jan 11, 2016 7:13am Jan 11, 2016 7:13am
- Joined Aug 2012 | Status: Trader | 18,655 Posts
the cautious seldom err....C
- #26,500
- Jan 11, 2016 7:43am Jan 11, 2016 7:43am
- Joined Aug 2012 | Status: Trader | 18,655 Posts
{quote} Tried. This is a screenshot of my monthly chart. The month 10 ema (blue) is around 1.10880. My simpleEMA indicator prints it exactly at that place as well. It's about 150 pips higher than your month 10ema
the cautious seldom err....C